Global Testing, Inspection and Certification (TIC) Market Is Expected To Grow At 5.8% Compound Annual Growth Rate (CAGR), by Revenue, from 2017 - 2025: Pinnacle Market Reports

As per a new market research report published by Pinnacle Market Reports (https://pinnaclemarketreports.com/), "Testing, Inspection and Certification (TIC) Market -
Global Industry Insights, Market Size Estimation and Growth Forecast By Services (Testing, Inspection and Certification), By Application (Aerospace, Oil and Gas, Automotive, Food and Beverages, Textile and Others) & By Regions, 2017-2025" is expected to reach USD 89.89 Billion by 2025 in terms of revenue. In 2016, the market was valued USD 54.50 Billion in terms of revenue.

Browse 42 Data Tables and 57 Figures in the full report at https://pinnaclemarketreports.com/report/testing-inspection-and-certification-tic-market/

Market Overview
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The TIC market is expected to grow at a healthy rate during the forecast period 2017 to 2025. Testing services are used for identifying errors, gaps in ensuring quality standards and process flaws in products, assets or systems. Inspection services cover on-site verification of a product, asset or system and check whether inspected object meets specified criteria. Certification is assurance given by an independent accredited body of conformity to requirements for products, services, systems and people.

Segmentation Overview
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Based on services, the global market has been segmented into testing, inspection and certification. Setting in house testing facilities has its own disadvantages such as huge initial investment requirements, rising operating cost negatively affect profit margin, lack of technical expertise and delay in production process.
In addition, complex testing processes such as non-destructive testing (NDT), X-ray powder diffraction (XRD) testing, surface welltest etc might not be conducted in in-house testing facilities without the help of third party TIC service providers having deep level knowledge and expertise. In order to avoid such complexities, companies are opting for testing services provided by private players.

By application, the market has been divided into aerospace, oil and gas, automotive, food and beverages, textile and others. Others segment include chemicals, agriculture, mining and consumer products. As individual segment, oil & gas held the largest share of global TIC market in terms of revenue as of 2016.

Stricter regulations related to petroleum products, lubricants and liquid fuels have created demand for TIC services in oil and gas industries.

Regional Overview
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By region, the global TIC market has been segmented into five regions; North America, Europe, Asia Pacific (APAC), Middle-East & Africa (MEA), and Latin America. In 2016, Europe occupied the largest revenue share of the market, accounting for more than 30%. The large market share can be attributed to placement of well defined regulations for products and services quality by governing bodies, high demand
of TIC services across different industries and high concentration of leading TIC service providers.

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About Pinnacle Market Reports
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This release was published on openPR.